限制性股票公允价值计量方法适用性选择研究

发布时间：2018-07-25 20:16

【摘要】：由美国次贷危机引发的全球金融危机充分暴露金融市场内部的种种弊端,其中金融工具的公允价值计量引起了人们的强烈关注。不少人认为公允价值计量具有不确定性,它受金融市场波动性影响,难以准确计量上市公司价值,导致理论价值与实际价值不符,形成了金融市场的巨大泡沫。虽然公允价值并不是导致金融危机的直接原因,但其在方法选择上存在的缺陷却是毋庸置疑。资本市场波动性大,使金融工具在公允价值计量问题上存在一定的难度。例如,股票价格原则上是以每股净收益为基础计算的,可实际上,交易价格往往要比每股净收益高出数倍,甚至数十倍。因此,金融工具的公允价值计量并不能简单借鉴传统会计中对一般资产价值的评定方法。在活跃的市场环境下,金融工具公允价值可以从市场交易中直接获取,并不需要依靠特殊的计量方法。但近几年,由于金融市场不断开拓,大量没有活跃市场或者有活跃市场却无法活跃交易的金融工具逐渐涌现,使得公允价值计量变得十分复杂。这种金融工具的公允价值,通常需要借助繁杂的公式,还要将计算结果进行验证确保数据的准确性。那些没有活跃市场股票,基本都是因为流通性受到了限制,导致在资本市场中不能自由交易。目前在学术界对它们称谓并不统一,但这类股票都具有流通受限的共同特点,因此笔者统一称它们为限制性股票。这类股票形成的原因十分复杂,有些是由于历史问题导致的；有些则是证监会出于各方面的因素,为了稳定资本市场、避免对股市和股价造成冲击,从而对上市公司各大股东持有的流通股在交易数量、时间或条件上做出了一定的限制。本文在总结限制性股票特点的基础之上,将限制性股票按共性将归纳为三类。结合公允价值层级理论,对限制性股票在低层级适用的公允价值计量方法进行研究。论文提出的观点具有一定的创新之处,体现在：一是重新界定限制性股票的内涵,归纳总结限制性股票种类；二是从金融工具公允价值计量方法入手,将公允价值层级运用在限制性股票计量方法上,提出限制性股票公允价值计量方法选择的依据；三是对限制性股票可选择的公允价值计量方法进行适用性评价；四是以限制性股票中比例最大的首次公开发行股票(IPO)为例,通过估值模型和运用统计软件分析得出公允价值数据,并将理论值与实际值进行比较,分析差异。虽然本文在研究内容和研究方法有一定的新颖之处,鉴于我国资本市场环境的复杂性,所涉及的许多理论问题还有待于以后深入研究。笔者相信,随着资本市场日趋完善,限制性股票的公允价值计量也会越来越规范。
[Abstract]:The global financial crisis caused by the subprime mortgage crisis in the United States has fully exposed all kinds of malpractices in the financial market, in which the measurement of fair value of financial instruments has aroused people's strong concern. Many people think that fair value measurement is uncertain. It is difficult to accurately measure the value of listed companies by the influence of financial market volatility, which leads to the theoretical value and the actual value does not match, and forms the huge bubble of the financial market. Although fair value is not the direct cause of the financial crisis, there is no doubt about its defects in the choice of methods. The volatility of capital market makes it difficult for financial instruments to measure fair value. Stock prices, for example, are, in principle, calculated on the basis of net earnings per share, but in practice trading prices tend to be several times or even tens of times higher than net earnings per share. Therefore, the measurement of fair value of financial instruments can not simply draw lessons from the traditional accounting methods to evaluate the value of general assets. In an active market environment, the fair value of financial instruments can be obtained directly from market transactions, without the need to rely on special measurement methods. However, in recent years, due to the continuous development of financial markets, a large number of financial instruments that have no active market or can not be traded actively have emerged gradually, which makes the measurement of fair value very complicated. The fair value of such a financial instrument usually depends on complex formulas and validates the results to ensure the accuracy of the data. The lack of active market stocks is largely due to liquidity restrictions that prevent free trading in capital markets. At present, they are not uniform in academic circles, but these stocks have the common characteristics of restricted circulation, so I call them restricted stocks. The reasons for the formation of such stocks are very complex, some due to historical problems, and others to the Securities Regulatory Commission for various reasons, in order to stabilize the capital market and avoid the impact on the stock market and stock prices. Therefore, the trading quantity, time or conditions of the tradable shares held by major shareholders of listed companies are limited to a certain extent. On the basis of summarizing the characteristics of restrictive stock, this paper classifies restrictive stock into three categories according to its generality. Based on the theory of fair value hierarchy, this paper studies the fair value measurement of restricted stocks at lower levels. The ideas put forward in this paper are embodied in: first, redefining the connotation of restrictive stock and summarizing the types of restrictive stock; second, starting with the measurement method of fair value of financial instruments, The fair value level is applied to the restrictive stock measurement method, and the basis for the selection of the restrictive stock fair value measurement method is put forward, the third is to evaluate the applicability of the restrictive stock fair value measurement method. The fourth is to take (IPO), which has the largest proportion in restricted stock, as an example, to obtain fair value data by means of valuation model and statistical software, and to compare the theoretical value with the actual value and to analyze the difference. Although this paper has some novelty in the research content and research methods, in view of the complexity of the capital market environment in China, many theoretical issues involved are still to be further studied in the future. The author believes that the fair value measurement of restricted stocks will become more and more standardized as the capital market becomes more and more perfect.
【学位授予单位】：江西理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F830.91;F224

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